CDFI Grants Go to 35 Credit Unions

The U.S. Department of Treasury’s Community Development Financial Institutions Fund has awarded $172 million in Financial and Technical Assistance awards to 191 organizations including 35 credit unions.

The awards for credit unions ranged from $46,272 to $1,347,000. A $3 million grant was also awarded to one credit union through the Healthy Food Financing Initiative.

The awards “will enable Community Development Financial Institutions across the country to increase their lending and investments in low-income and economically distressed communities,” said a Community Development Financial Institutions Fund press release issued on Tuesday.

The Self-Help Federal Credit Union also received an additional $3 million grant under the Healthy Food Financing Initiative.

“The awardees under this initiative will expand their lending to healthy food investments to combat food deserts. Eligible uses cover a range of interventions such as grocery stores, mobile food retailers, farmers markets, cooperatives, corner stores, and bodegas,” according to the CDFI Fund.

CDFI Fund Director Donna Gambrell said the CDFI Program provided more awards in the fiscal year 2013 round than any other round in the fund’s history.

“By expanding the reach and impact of this program to more organizations, the CDFI Fund is supporting more economic development efforts than ever before to bring new life to struggling communities,” Gambrell said.